Today's picks

Nifty, Bank Nifty, Tata Motors, DLF & Jindal Steel & Power

NIFTY
Current: 5,350 (futures: 5,362)
Target: NA
A big session tomorrow could push the index till either 5,275 or 5,425. Stop-loss shorts at 5,405 and stop-loss long positions at 5,300. A strangle of long 5,300p (9.5) and long 5,400c (13) is cheap due to expiry.

BANK NIFTY
Current: 10,150 (futures: 10,161)
Target: 9,950
There's key support between 10,050 and 10,150. A fall below 10,050 will set up a target of 9,950. A bounce till 10,325 is also possible. Short with an initial target of 10,050 and a stop-loss at 10,225. Add to the position if it falls below 10,050.

TATA MOTORS
Current price: Rs 241
Target price: Rs 236
The stock could test support at Rs 234-236. Keep a stop at Rs 244 and go short. Add to the position between Rs 238 and Rs 240. Book profits below Rs 236.

DLF
Current price: Rs 201
Target price: Rs 196
The stock could drop till Rs 194-196. Keep a stop at Rs 204 and go short. Add to the position between Rs 198 and Rs 200. Book profits below Rs 196. If it rises above Rs 204, it could bounce till Rs 208.

JINDAL STEEL & POWER
Current price: Rs 378
Target price: Rs 385
The stock hit a 52-week low of Rs 375. Short covering may pull it back till Rs 385-388. Keep a stop at Rs 374 and go long. Add between Rs 380 and Rs 383 and exit above Rs 385. If Rs 374 is broken, reverse and go short with a stop at Rs 379.

 

The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated